Shares up as firms hit deadline

SHARE prices on world markets were buoyed today, prompted by a 3% rally on Wall Street. London's FTSE 100 index rose more than 3% at the start while most Asian markets - led by a 1.5% advance on Tokyo's Nikkei 225 - posted gains.

Wednesday's US bounce came as only a handful of firms, led by AOL Time Warner, told the Securities and Exchange Commission of doubts over their accounts. Some 700 US firms had to testify their accounts were truthful and accurate by yesterday and the regulatory authority was swamped by a series of last-minute declarations.

AOL Time Warner confessed three deals totalling $49m (£31.9m) at subsidiary America Online may have been wrongly described as advertising and commercial revenue. The announcement led to the closure of its business development unit and the departure of its head, David Colburn. AOL Time Warner chief executive Richard Parsons and chief financial officer Wayne Pace were then able to certify the accounts for the SEC.

Failed telecoms titan WorldCom, which is restating its books after discovering $7.6bn of discrepancies, was unable to meet the deadline. Tyco, already being investigated by the SEC, also failed to certify in time.